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Refrigerated transportation market on the road toward solid growth

The global refrigerated road transportation market is predicted to post a compound annual growth rate (CAGR) of close to 7% during the period 2018-2022, according to a research report by Technavio.

A key driver for the global refrigerated road transportation market is the global rise in consumption of fresh meat. In 2017, the global volume of fresh meat consumption reached around 320 million tons. The growth is anticipated to continue at a rate of 1.25% to 1.5% annually, owing to the increase in the production of bovine and poultry meats. The rise in fresh meat consumption is likely to increase market opportunities of global refrigerated road transportation service providers.

This global refrigerated road transportation market research report also provides an analysis of the most important trends expected to impact the market outlook during the period 2018-2022. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.

In this report, Technavio highlights the penetration of blockchain technology in logistic services as one of the key trends in the global refrigerated road transportation market:

Blockchain technology assists in increasing transparency and reducing the possibilities of data corruption or data alteration. The technology is attaining the growth stage in developed countries. But the blockchain technology is still in its introduction stage in developing regions such as APAC (Asia-Pacific) and the Middle East. Countries such as China and Japan have adopted this technique in different industries such as the pharmaceutical industry and service industries such as information technology and transportation.

The analysis report segments the market by vehicle type (refrigerated trailers and refrigerated vans) and geography. This includes the Americas; APAC; and Europe, Middle East and Africa (EMEA).

The refrigerated trailers segment held the largest refrigerated road transportation market share in 2017, accounting for nearly 52% of the market. This vehicle type segment is expected to dominate the global market throughout the forecast period.

The APAC region led the market in 2017 with approximately 40% of the market share, followed by the Americas and EMEA, respectively. The APAC region is expected to dominate the market throughout the period 2018-2022.

Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.